# THE JAPAN WOOL TEXTILE CO., LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第195期(2024/12/01－2025/11/30) (S100XLV8)
> Page: https://vizora.meequs.com/en/company/japan-wool-textile
> Retrieved: 2026-09-30T22:11:30.313Z

## Company

THE Japan Wool Textile, founded in 1896, is a company in Textiles & Fibers listed on TSE Prime. It has 4,291 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE JAPAN WOOL TEXTILE CO., LTD. |
| Ticker | 3201 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3201.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区明石町47番地 |
| Representative (per filing) | 代表取締役社長 長岡 豊 |
| Founded | Dec 1896 |
| Share capital | ¥6.46B |
| Employees (consolidated) | 4,291 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | November |
| Website | www.nikke.co.jp (https://www.nikke.co.jp/) |
| Corporate number | 2140001012193 |
| EDINET | E00552 |
| Industries (Vizora) | Textiles & Fibers, Real Estate Development & Leasing, Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100XLV8, filed 2026-02-20). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.7 | 110 |
| Profitability | 66 | 122 |
| Cash conversion | 50.4 | 116 |
| Efficiency | 27.5 | 122 |
| Financial strength | 83.3 | 9 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 29% of THE Japan Wool Textile's sales come from Industrial Machinery and Materials, with Textile and Clothing Materials and Human and Future Development making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +2.3%.

## Company structure

- Segment revenue mix: Industrial Machinery and Materials 29.5%、Textile and Clothing Materials 25.4%、Human and Future Development 22.3%、Consumer Goods and Services 19.4%、Other 3.4%
- Revenue → net income: ¥119377000000 → ¥9118000000
- Net income → operating cash flow: ¥9118000000 → ¥12140000000（difference ¥3022000000）
- Main uses of operating cash flow: CapEx ¥7010000000 / dividends ¥2827000000 / buybacks ¥3165000000
- Change in cash: ¥-2126000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥119.4B |  |
| Operating income | ¥11.9B | Margin 10.0% |
| Net income | ¥9.09B | Margin 7.6% |
| Free cash flow | ¥5.13B |  |
| Largest business | Industrial Machinery and Materials | of segment revenue 29.5% |
| Employees (consolidated) | 4,291 |  |
| EPS | ¥102.14 |  |
| Book value per share | ¥1480.88 |  |
| Equity ratio | 69.4% |  |
| Shares outstanding | 74,278,000 |  |
| Treasury shares | 7,275,500 |  |
| Shareholders | 25,782 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 16.5% | Net cash ¥17.1B · Cash ÷ revenue 26.2% |
| Vs. industry median margin | +6.6 pp | Textiles & Fibers |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.1× dividends
- FY2025, segment profit share differs by 27 points
- FY2025, employees -5% while operating income rose 2%

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥104915000000 | ¥119377000000 | +13.8% |
| Operating income | ¥9048000000 | ¥11913000000 | +31.7% |
| Operating margin | 8.6% | 10.0% | +1.4 pp |
| Employees | 4,770 people | 4,291 people | -10.0% |
| Cash and equivalents | ¥29927000000 | ¥31293000000 | +4.6% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 衣料繊維事業 → 事業再編・廃止 | 29.9% |
| 産業機材事業 → 事業再編・廃止 | 18.2% |
| 人とみらい開発事業 → 事業再編・廃止 | 32.9% |
| 生活流通事業 → 事業再編・廃止 | 16.0% |
| その他 → その他 | 3.1% |
| 新設・再編 → 衣料繊維事業 | 25.4% |
| 新設・再編 → 産業機材事業 | 29.5% |
| 新設・再編 → 人とみらい開発事業 | 22.3% |
| 新設・再編 → 生活流通事業 | 19.4% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial Machinery and Materials | 4 years | +14.6% | ¥35177000000 | 8.2% | 2 |
| Textile and Clothing Materials | 4 years | +0.3% | ¥30282000000 | 8.7% | 2 |
| Human and Future Development | 4 years | -5.9% | ¥26679000000 | 25.4% | 2 |
| Consumer Goods and Services | 4 years | +5.6% | ¥23199000000 | 4.5% | 2 |
| Other | 5 years | +4.7% | ¥4038000000 | 7.4% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 119,377 | 100.0% | S100XLV8 |
| Cost of revenue | 85,107 | 71.3% | S100XLV8 |
| Gross profit | 34,269 | 28.7% | S100XLV8 |
| SG&A | 22,355 | 18.7% | S100XLV8 |
| Operating income | 11,913 | 10.0% | S100XLV8 |
| Ordinary income | 12,967 | 10.9% | S100XLV8 |
| Pretax income | 13,262 | 11.1% | S100XLV8 |
| Income tax | 4,144 | 3.5% | S100XLV8 |
| Net income | 9,118 | 7.6% | S100XLV8 |
| Net income attributable to owners | 9,090 | 7.6% | S100XLV8 |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 19 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 28.7% → Operating margin 10.0% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +2.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 115,438 | 119,377 | 3,939 | +3.4% |
| Gross profit | 33,007 | 34,269 | 1,262 | +3.8% |
| Operating income | 11,640 | 11,913 | 273 | +2.3% |
| Net income attributable to owners | 8,970 | 9,090 | 120 | +1.3% |
| Operating cash flow | 10,158 | 12,140 | 1,982 | +19.5% |
| Free cash flow | 5,043 | 5,130 | 87 | +1.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 126,401 | 10,472 | 8.3% | 6,520 | 13,694 | 10,328 | S100KU9A |
| FY ending Nov 2020 | 104,915 | 9,048 | 8.6% | 7,121 | 11,315 | 7,086 | S100NJWH |
| FY ending Nov 2021 | 106,619 | 9,900 | 9.3% | 8,308 | 12,404 | 9,178 | S100Q9X6 |
| FY ending Nov 2022 | 109,048 | 10,707 | 9.8% | 7,283 | 9,449 | 5,137 | S100T7C2 |
| FY ending Nov 2023 | 113,497 | 11,016 | 9.7% | 7,643 | 8,995 | 5,877 | S100V93S |
| FY ending Nov 2024 | 115,438 | 11,640 | 10.1% | 8,970 | 10,158 | 5,043 | S100XLV8 |
| FY ending Nov 2025 | 119,377 | 11,913 | 10.0% | 9,090 | 12,140 | 5,130 | S100XLV8 |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.8M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,126 | 5,025 | 4,159 | 4,499 | 4,291 |
| Average salary (parent company) | ¥5.4M | ¥5.2M | ¥5.6M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 44.7 years | 45.2 years | 45.5 years | 45.8 years | 45.4 years |
| Average tenure (parent company) | 16.5 years | 16.7 years | 16.7 years | 16.5 years | 15.7 years |

Year over year: Employees (consolidated) -4.6% · Revenue (consolidated) +3.4%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Textile and Clothing Materials | 30,282 | 25.4% | 2,645 | 8.7% |
| Industrial Machinery and Materials | 35,177 | 29.5% | 2,875 | 8.2% |
| Human and Future Development | 26,679 | 22.3% | 6,772 | 25.4% |
| Consumer Goods and Services | 23,199 | 19.4% | 1,051 | 4.5% |
| Other | 4,038 | 3.4% | 300 | 7.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Textile and Clothing Materials | 25.4% | 19.4% | -6.0 | 8.7% |
| Industrial Machinery and Materials | 29.5% | 21.1% | -8.4 | 8.2% |
| Human and Future Development | 22.3% | 49.6% | 27.3 | 25.4% |
| Consumer Goods and Services | 19.4% | 7.7% | -11.7 | 4.5% |
| Other | 3.4% | 2.2% | -1.2 | 7.4% |

Segment → industry: Industrial Machinery and Materials → Textiles & Fibers / Textile and Clothing Materials → Textiles & Fibers / Human and Future Development → Real Estate Development & Leasing / Consumer Goods and Services → Specialty Trading & Wholesale / Industrial Machinery and Materials → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,140 | 10.2% | S100XLV8 |
| Capital expenditure | 7,010 | 5.9% | S100XLV8 |
| Free cash flow | 5,130 | 4.3% | 算出 |
| Investing cash flow | -9,255 | -7.8% | S100XLV8 |
| Financing cash flow | -5,070 | -4.2% | S100XLV8 |
| Dividends paid | 2,827 | 2.4% | S100XLV8 |
| Share buyback | 3,165 | 2.7% | S100XLV8 |
| Change in cash | -2,126 | -1.8% | S100XLV8 |
| Cash and equivalents | 31,293 | 26.2% | S100XLV8 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 41,052 | 34,363 | 35,292 | 33,419 | 31,293 | S100T7C2, S100V93S, S100XLV8 |
| Total assets | 163,632 | 163,384 | 166,129 | 179,935 | 189,756 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Net assets | 104,620 | 107,734 | 114,135 | 123,730 | 132,152 | S100T7C2, S100V93S, S100XLV8 |
| Share capital | 6,465 | 6,465 | 6,465 | 6,465 | 6,465 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Trade receivables | 25,400 | — | — | — | — | S100Q9X6 |
| Property, plant and equipment | 47,694 | 47,180 | 45,672 | 50,234 | 52,839 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Intangible assets excluding goodwill | 1,456 | 1,098 | 1,773 | 1,603 | 1,858 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Goodwill | 787 | 376 | 954 | 625 | 440 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Investment securities | 18,636 | 22,067 | 22,489 | 26,701 | 37,066 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Current assets | 91,210 | 88,904 | 92,823 | 97,295 | 92,689 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Current liabilities | 40,157 | 38,239 | 34,258 | 38,203 | 35,433 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Trade payables | 10,498 | 10,493 | 10,115 | 12,835 | 9,783 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Short-term borrowings | 16,749 | 16,309 | 12,555 | 11,866 | 11,602 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Long-term borrowings | 4,153 | 2,850 | 1,966 | 1,170 | 2,600 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Bonds | 120 | 60 | 62 | 41 | 23 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Interest-bearing debt | 21,022 | 19,219 | 14,583 | 13,077 | 14,225 | 算出 |
| Total liabilities | 59,012 | 55,649 | 51,993 | 56,205 | 57,603 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Non-controlling interests | 1,682 | 1,103 | 987 | 930 | 498 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Equity attributable to owners of parent | 99,311 | 101,423 | 104,198 | 110,632 | 113,712 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Retained earnings | 96,860 | 96,439 | 101,845 | 106,527 | 110,766 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |
| Treasury stock | -9,097 | -5,935 | -8,110 | -6,346 | -7,430 | S100Q9X6, S100T7C2, S100V93S, S100XLV8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XLV8 |
| Property, plant and equipment | 28% | S100XLV8 |
| Intangibles and goodwill | 1% | S100XLV8 |
| Investment securities | 20% | S100XLV8 |
| Other assets | 35% | S100XLV8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XLV8 |
| Interest-bearing debt | 7% | 算出 |
| Other liabilities | 18% | S100XLV8 |
| Equity | 70% | S100XLV8 |
| Other liabilities | 0% | S100XLV8 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 163,632 | 163,384 | 166,129 | 179,935 | 189,756 |
| Equity | 104,620 | 107,734 | 114,135 | 123,730 | 132,152 |
| Interest-bearing debt | 21,022 | 19,219 | 14,583 | 13,077 | 14,225 |
| Cash | 41,052 | 34,363 | 35,292 | 33,419 | 31,293 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 44.3% | S100XLV8 |
| Fixed assets ÷ total assets | 27.8% | S100XLV8 |
| Goodwill ÷ parent equity | 0.4% | S100XLV8 |

Goodwill over 4 years: 787 → 440 JPY; total investing cash flow: -25,092 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 16.5% |
| Cash ÷ revenue | 26.2% |
| Net cash (cash − interest-bearing debt) | ¥17.1B |
| Net debt ÷ operating cash flow | -1.41× |
| Cash conversion (operating CF ÷ operating income) | 101.9% |
| Cash vs. profit gap | 3,050 JPY mn (of net income 33.6%) |
| Shareholder returns / net income | 65.9% |
| Shareholder returns / FCF | 116.8% |
| Shareholder payments — dividends / net income | 31.1% |
| Shareholder payments — dividends / FCF | 55.1% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 76.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.8% | 0.65× | 5.1% | 1.65× | 8.4% | S100Q9X6 |
| 2022 | 6.7% | 0.67× | 4.5% | 1.63× | 7.3% | S100T7C2 |
| 2023 | 6.7% | 0.69× | 4.6% | 1.60× | 7.4% | S100V93S |
| 2024 | 7.8% | 0.67× | 5.2% | 1.61× | 8.4% | S100XLV8 |
| 2025 | 7.6% | 0.65× | 4.9% | 1.65× | 8.1% | S100XLV8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.6% | 2025-11-30 |
| 株式会社みずほ銀行 | Major shareholder | 4.2% | 2025-11-30 |
| 株式会社三井住友銀行 | Major shareholder | 4.2% | 2025-11-30 |
| 日清紡ホールディングス株式会社 | Major shareholder | 4.1% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2025-11-30 |
| 株式会社竹中工務店 | Major shareholder | 3.0% | 2025-11-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.7% | 2025-11-30 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2025-11-30 |
| ニッケ従業員持株会 | Major shareholder | 2.2% | 2025-11-30 |
| 住友不動産株式会社 | Major shareholder | 2.1% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第195期(2024/12/01－2025/11/30) | S100XLV8 | 2026-02-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XLV8,, |
| 有価証券報告書－第194期(2023/12/01－2024/11/30) | S100V93S | 2025-02-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V93S,, |
| 訂正有価証券報告書－第193期(2022/12/01－2023/11/30) | S100T7C2 | 2024-04-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T7C2,, |
| 有価証券報告書－第192期(2021/12/01－2022/11/30) | S100Q9X6 | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9X6,, |
| 有価証券報告書－第191期(令和2年12月1日－令和3年11月30日) | S100NJWH | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJWH,, |
| 有価証券報告書－第190期(令和1年12月1日－令和2年11月30日) | S100KU9A | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KU9A,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).